All Forum Posts by: Kevin Coggins

@Peter Oh I just got quoted 5.125% and did a search to see if that's a good rate and came upon your post. Did you look around and get other quotes? I may try a local bank, since the bank the quote is from is in Michigan, but me and property are in TX (I use the bank in MI for high interest checking acct).

Right, although SFR vs MF is a completely different world from an analysis perspective. I guess a lot of the strategies are intertwined and really it's best to have a firm understanding of all that relate to your niche...which is where I've been lacking

 True, but also seems like people may start doing SFRs, but eventually move onto MF, or just commercial properties in general. 

To me, BRRR and Buy/Hold are very similar, one being that you may put 30k of rehab into it and refi the money out versus just buying and renting with less work to get it ready (I'm looking at both types of property regardless - there isn't a strategy option). If the numbers work and I've done my due diligence, I'm not opposed to investing in alot of stuff. There's some strategies in RE I wouldn't touch, but as far as what I've previously mentioned I'd consider any of it. For example, I bought a car for $850 - not because I need it or I have a clue about cars besides the basics, but because I was confident I could re-sell it for over $2,000 (it's currently sitting in my garage 2 months later, but that's another story haha).

So starting out I decided I wanted to focus on buy and hold deals and that's really been my focus and everything I've analyzed has been with that strategy in mind. However, now that I'm finally in a position where I can put the money down, I found a really good deal that doesn't fit into what I've been researching this entire time. I mean, I understand the gist of flipping or BRRR, but outside of the beginner's guide and reading success stories I never analyzed deals that way. In hindsight, I believe I should be trying to analyze BRRR and flip type deals, simply because they are related to buy and holds.

My question to the fellow investors out there, do you try to focus on only one aspect and not deviate from your plan, or do you try and do a little bit of everything?

Yikes, that sounds like the days of living in apartments (so glad that is over with).

Did you make an offer on the house? :)

@John M. I wouldn't give up just yet, I saw a previous topic about an REO going on sale for say 100k to make it simple. Person offered 70k banked rejected, fast forward like 6-8 months and they closed on it for 80k (I believe it was a 20-30% discount of the original MLS price). Now, I don't know how often that happens, but I'm sure the banks don't just want to hold these properties forever. I've got my eyes on an REO as well and I'm not about to pay their ask price either...hoping for something like the scenario that played out above (or they just accept my original offer).

You aren't factoring in any other costs except for your loan, taxes, and HOA? Repairs/Maint, Capex, insurance, vacancy? Judging off the 5 yr loan and price point, I do agree that you'll probably be cash flowing nicely after five years, but I'm guessing there's also no appreciation on a 20k condo.

If they keep the mineral rights, you could end up adjacent to an oil/gas well. Just keep that in mind. I'm not sure it's customary, but I'm sure many people in oil/gas areas want to keep the rights *hoping* that they get a nice payday. 

figured somebody that was in this area would be on here...but I guess it's also about 2 hours from Houston and not too populated.

Let me know when you decide to downgrade! I got a car I bought for $850 that runs and has been sitting in my driveway/garage